Singapore Payment Service Act
New Singapore Payment Services Act to Include Forensic Crypto Tracking
October 18, 2019
Singapore Payment Service Act
New Singapore Payment Services Act to Include Forensic Crypto Tracking
October 18, 2019

Financial regulators in Singapore are looking for implementing robust crypto tracking as part of efforts to combat financial crimes. This move comes as authorities are set to introduce the country’s new Payment Services Act.

According to a speech published by the Monetary Authority of Singapore (MAS), the financial regulator is keen to upscale its crypto surveillance capabilities.

Delivering the keynote address at the International Compliance Association Annual APAC, Loo Siew Yee, the Assistant Managing Director of the MAS revealed:

“MAS is experimenting with both in-house and external technologies to draw insights from new data points, such as transactional information on public blockchains and other sources. Such data will provide useful early warning indicators, alongside traditional sources of information such as statutory returns and suspicious transaction reports.”

Loo Siew Yee

For Yee, the focus on cryptos is part of efforts by the MAS to strengthen the country’s anti-money laundering (AML) policies.

ALSO READ :  Algorand Creates Blockchain-Based Global Survey On Coronavirus

Earlier in September, Singapore’s Parliament passed the Payment Services Act which comes into effect in January 2020. However, the new law brings crypto-businesses under the purview of the MAS with a specific focus on AML/CFT compliance.

Singapore’s financial watchdog says that it wants it’s crypto tracking modalities to be in line with international best practices.

In recent times, Intergovernmental bodies like the Financial Action Task Force (FATF) have advised nations to increase their crypto surveillance.

The Act is only the latest in a recent string of developments aimed at formalizing the country’s crypto space. It has been previously reported by Bitcoinist that Singapore‘s tax body back in July proposed a law exempting bitcoin from Goods and Services Tax (GST).

Several retailers in the country have even begun accepting bitcoin payments as the Southeast Asian theater continues to experience greater crypto adoption.

Blockchain Tracking on the Rise

Singapore’s focus on cryptocurrency surveillance comes at a time when reports indicate that crypto tracking capabilities are on the increase. According to a previous report by Bitcoinist, CipherTrace, a blockchain intelligence firm says that crypto tracking is possible for more than 700 tokens.

ALSO READ :  Sotheby’s Sells Physical Artwork “Love is in the Air” For $12.9 Million

Thus, the firm issued a report showing the existence of crypto tracking capabilities for 87% of the trading volume of the top 100 cryptocurrencies by market cap.

Source: Monetary Authority of Singapore and Bitcoinist


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin car, the car branded with the Bitcoin logo, will be racing in circles against 32 others in this month’s Indianapolis 500. It has been reported by Jack Mallers, the CEO of Zap, that US racing driver Ed...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.